Jake,
I like your spunk and you make some good points. However, the fear that the media has is not that we don't need them. In fact, as we take control of our finances, we need them more. You could probably graph the viewership of CNBC and the growth of the web and there would be a strong correlation. That is not a coincidence. We need information. The brokers, on the other hand, do have that fear.
What the media are "afraid" of is a painful adjustment caused by the tulip.com run up. I agree with you that the rules for P/E have changed, at least temporarily. However, the valuations of some of these companies is temporary. For some others, it may be more permanent. The media will actually profit from a collapse, because their viewership with spike!
I like your spirit, but don't get carried away with your exuberance.
The flip side of your coin about the investors being at work so can't trade is that when they get home and see the damage done, they say "I gotta go to work tomorrow and I can't watch this from there. I better put my sell order in now." They are likely to place a "market" order and be very disappointed that night at how far the market took them down for a selling price.
I will stick with the infrastructure guys (MSFT, CSCO, INTC, etc.) and will not sell on downturns, no matter how hard it gets. |
